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Capital
gains tax chapter tables |
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Capital
gains tax Detailed tables
and descriptions |
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Taxation
statistics - whole document |
This chapter provides CGT information
on individuals, companies and funds, as reported on their tax returns and CGT
schedules. CGT is the tax payable on any net capital gain included with other
assessable income on an entity's (individual, company or fund) tax return.
Respective rates of tax then apply to a net capital gain.
A capital gain or loss may
arise if a CGT event happens, with the most common CGT event being the sale of
an asset. Some typical assets are:
·
land
·
shares
·
units
in a unit trust or managed investment fund
·
collectables
that cost over $500 (for example, jewellery)
·
personal
use assets which cost over $10,000.
A net capital gain is the
total of capital gains made by a taxpayer for an income year, reduced by:
·
the
taxpayer's total capital losses for the income year and any net capital losses
from previous years
·
any
CGT discount or small business CGT concessions the taxpayer is entitled to.
If total capital gains are less than total capital losses for an income year, the taxpayer has a net capital loss for that income year. This loss cannot be deducted from assessable income; it can be used only to reduce capital gains in subsequent income years.
OVERVIEW
For the 2009-10
income year:
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